Advancements in technology are continuously changing the way humans are living their lives, making it more convenient. Our way of living and work is undergoing a fast pace change. Technology is providing efficient solutions to traditional problems pertaining to almost each and everything. In this article we will focus on the new technology trends in small business. Let us have a look at some of the new trends in business due to advanced technology:
1. Artificial intelligence (AI) and machine learning
Artificial intelligence and machine learning is one of the most significant trends this year. Machines and systems with the help of artificial intelligence are becoming more capable of handling vast amount of data and managing them. This helps in better analysing the data by differentiating the important ones and making sense out of it.
2. Edge computing
Cloud computing is an internet based technology that helps users access data on shared devices. You can store and access data from anywhere without any risks. More and more small businesses are adopting edge computing in their work to improve the data
Cybersecurity threats are on a rise and becoming a major issue for business having online presence in either managing the operations or customer data. Cybercrimes are also getting more lethal and unsafe with the updates in technology. To protect data, it is very much crucial to have 24*7 security systems.
4. Big data
Data is creating new opportunities for business growth. Big data assists in filtering, managing, and analysing billions of information. Big data tools like R-Programming, OpenRefine, Cloudera, Data Mining are very powerful in working with messy data, cleaning it to improve our insights from them. These tools analyse the customer databases to gather more nuanced customer insights to drive business growth.
5. Influencer marketing
Influencer marketing is based on word-of-mouth marketing. It helps you deliver the brand message to your target audience using content marketing strategies. Many businesses have shown significant growth by using influencer marketing.
6. Chatbot technology
Chatbot based customer service is becoming very common these days. Businesses which had people sitting in offices to handle customer queries are now taking the help of software in the form of chatbots to communicate with the customers and solve their issues using artificial intelligence. This not only improves the productivity of the business but also brings down cost.
7. Blockchain technology
Blockchain is a secure technology for digital assets to enable secure payment transactions, identity verification, storing information securely in digital format. The distributed ledger network keeps records of transactions dispersed across multiple systems, located anywhere and run by anyone with an Internet connection
8. Automation technology
Automation technology can be one of the major factor behind boosting the processes of small business in terms of efficiency and productivity, managing and improving employee performance, enhancing product quality and company growth. Automation also can be helpful in creating much more effective marketing campaigns by holistically monitoring and analysing the data. The benefits can be huge even in the context of improving communication, managing inventories, increasing sales, improving customer service and many more.
The fifth-generation network technology is now going to replace the 4G technology in no time. 5G is way more powerful than 4G in terms of providing much faster downloading and uploading speed and quality. Small businesses often find it difficult to integrate their multiple devices through 4G. But with 5G, they will be easily able to seamlessly connect these devices like invoice system, CCTV cameras, mobile, computer systems, delivery vehicles and other detectors.
These are some of the small business technology trends of the current year which have tremendous potential to usher in significant improvements in terms of businesses efficiency and productivity. Update your business with these latest technology updates mentioned above.